Caleb Meriwether, Haven Insurance Partners, visits with Dan Reaves, host of ‘The Dan Reaves Show,’ today and each Wednesday at 3:30 p.m., to discuss all things insurance.
Insurance renewals are one of the most important — and most overlooked — moments in risk management. Too often, policies renew automatically with outdated information, leaving coverage gaps, unnecessary costs, or claim surprises. Whether you are a homeowner, business owner, or property investor, proactive renewal planning can materially improve both protection and pricing.
Below are the key steps every insured should take well before a policy renewal.
- Start Early — Don’t Wait for the Renewal Offer
Renewal planning should begin 60–100 days before expiration, depending on policy type.
- Personal insurance: Begin the conversation 45–75 days prior
- Commercial insurance: Begin 60–100 days prior
Starting early allows time to:
- Update information
- Correct errors
- Evaluate coverage options
- Shop the market if needed
Waiting until the renewal arrives often limits options and leverage.
- Review What Has Changed Since the Last Policy Term
Insurance is based on exposure. Any change — even a small one — can affect coverage and pricing.
Personal Insurance Changes to Review
- Home renovations or additions
- Roof age or replacement
- New vehicles or drivers
- High-value purchases (jewelry, firearms, collectibles)
- Changes in use (home office, short-term rentals)
Commercial Insurance Changes to Review
- Revenue increases or decreases
- New locations or buildings
- Equipment purchases
- Changes in operations or services
- Payroll or staffing changes
- New contracts requiring insurance terms
Unreported changes are a leading cause of coverage disputes at claim time.
- Verify Coverage Limits and Deductibles
Renewal is the best time to ensure limits still reflect today’s values.
Key areas to review:
- Property values (replacement cost, not market value)
- Liability limits and umbrella coverage
- Deductibles — are they intentional or accidental?
- Business income / loss of income limits
- Special sub-limits (water damage, theft, equipment, cyber)
Inflation, construction costs, and jury verdict trends make this step critical.
- Evaluate Loss History and Risk Controls
Claims matter — but so does how you manage risk.
Before renewal:
- Review prior claims and open reserves
- Address unresolved issues or repeat losses
- Implement risk improvements (roof repairs, safety programs, security upgrades)
For commercial insureds, proactive risk management can:
- Improve underwriting results
- Reduce premium increases
- Expand market options
- Decide Whether the Policy Should Be Marketed
Not every renewal should be shopped — but some absolutely should.
Situations that warrant marketing:
- Significant premium increase
- Coverage reductions or new exclusions
- Changes in risk profile
- Poor claim handling experience
- New competitors entering the market
A good advisor will explain why a policy should or should not be shopped — not default to one approach.
- Review Exclusions and Endorsements
Renewals often include quiet changes:
- New exclusions
- Modified definitions
- Narrowed coverage grants
These changes are easy to miss and rarely highlighted.
Pay close attention to:
- Water, wind, and collapse exclusions
- Cyber and data exclusions
- Contractual liability limitations
- Vacancy or occupancy conditions
Understanding exclusions is just as important as knowing what is covered.
- Confirm Accuracy Before Binding
Before finalizing a renewal:
- Verify named insureds and additional insureds
- Confirm addresses, schedules, and classifications
- Ensure policy dates and terms are correct
Errors at renewal often carry forward for years and surface only after a loss.
Final Thought: Renewal Is a Strategy Moment
Insurance renewal should not be a passive transaction. It is a strategic opportunity to:
- Align coverage with reality
- Reduce risk
- Control long-term costs
- Avoid claim disputes
Whether personal or commercial, the best outcomes come from early planning, clear communication, and informed decisions — not last-minute reactions.
